Kennedy & Kennedy Law Office
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January 2020 Archives

Understand spousal support in 2020

In 2020, there is no alimony deduction. In 2018, the alimony deduction that was available was the same that had been part of divorce planning strategies for over seven decades. The deduction had allowed the ex-spouse paying support to deduct it on their taxes. That gave them a tax break. The ex-spouse who received it had to pay taxes on it. That shifted income from a higher tax bracket to a lower one, in many cases, which meant that more money stayed in the family.

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Kennedy & Kennedy Law Office
99 Navaho Avenue, Suite 104
P.O. Box 3223
Mankato, MN 56001

Phone: 507-550-1519
Phone: 507-345-4582
Fax: 507-345-1010
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